# Within-EMU Creditor-Debtor Asymmetry

| Variable | Full EMU | Creditors | Debtors | Z + Cred Int |
|:---|---:|---:|---:|---:|
| Z_1 | -214.2466*** | -68.5449 | -225.9159*** | -216.7416*** |
| | (44.8000) | (102.1660) | (37.6909) | (44.1098) |
| Z_2 | 26.6544*** | 10.1071 | 29.0847*** | 27.1422*** |
| | (5.7944) | (13.2137) | (4.8772) | (5.7107) |
| Z_3 | -0.9475*** | -0.4052 | -1.0539*** | -0.9667*** |
| | (0.2127) | (0.4812) | (0.1791) | (0.2098) |
| fiscal_bal_gdp | -0.0641 | 0.1381 | -0.0459 | -0.0557 |
| | (0.0645) | (0.1850) | (0.0592) | (0.0646) |
| nfa_gdp_lag | -0.0427 | 1.4793 | -0.4427 | -0.0977 |
| | (0.3567) | (1.4852) | (0.3138) | (0.3624) |
| rgdp_growth | 0.0949*** | 0.1594 | 0.0358 | 0.0896** |
| | (0.0362) | (0.1114) | (0.0340) | (0.0364) |
| is_creditor | | | | 2.0098* |
| | | | | (1.1802) |
| Z_1_x_creditor | | | | -2.5008* |
| | | | | (1.4757) |
|:---|---:|---:|---:|---:|
| N | 413 | 122 | 291 | 413 |
| R² | 0.0842 | 0.0891 | 0.2805 | 0.1058 |
| Countries | 17 | 10 | 16 | 17 |

*Panel GLS with country and year fixed effects. Creditor = NFA/GDP > 0.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*